Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1.BASIS OF PRESENTATION:The above schedule of expenditures of federal awards is for the federal financial assistance received by GUIDE Nashville Homes, Inc. (Nashville) in the form of a secured loan and rental assistance. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:The reported amount of expenditures consists of 1) the advances made pursuant to the Capital Advance Agreement dated April 22, 2008 totaling $916,900, and 2) $71,667 received pursuant to the respective Project Rental Assistance Contracts. The Capital Advance is non-interest bearing for which there are compliance requirements for the duration of its term which is 40 years. Also, as noted in the respective OMB Compliance Supplement, this program is exempt from the Uniform Guidance except for subpart F and ? 200.425. As such, Nashville does not use the optional 10 percent de minimis cost rate under ? 200.414.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 916900.
Title: CARES ACT FUNDING
Accounting Policies: 1.BASIS OF PRESENTATION:The above schedule of expenditures of federal awards is for the federal financial assistance received by GUIDE Nashville Homes, Inc. (Nashville) in the form of a secured loan and rental assistance. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:The reported amount of expenditures consists of 1) the advances made pursuant to the Capital Advance Agreement dated April 22, 2008 totaling $916,900, and 2) $71,667 received pursuant to the respective Project Rental Assistance Contracts. The Capital Advance is non-interest bearing for which there are compliance requirements for the duration of its term which is 40 years. Also, as noted in the respective OMB Compliance Supplement, this program is exempt from the Uniform Guidance except for subpart F and ? 200.425. As such, Nashville does not use the optional 10 percent de minimis cost rate under ? 200.414.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
3.CARES ACT FUNDING:HUD Housing Notice 2020-08 announced the availability of supplemental operating funds for Section 811 properties to prevent, prepare for, and respond to coronavirus disease. The OMB Compliance Supplement states that the owner should include a footnote that states how much CARES Act funding was received. Nashville did not receive any CARES Act funding.